ID: MRFR/CR/6550-CR | February 2021 | Region: Global | 122 pages
The bike helmet market analysis shows that the global market is likely to attain a global CAGR of 5.35% during the ongoing forecast period of 2021-2028. The market is likely to witness the trend emergence and hence, reach a final market value worth USD 1.12 billion by the end of the period in 2028.
For bike riders, there are varying functional and safety regulations in various participating countries. The existence of safety legislation and the emergence of laws relating to helmets is thus expected to drive the development of the bike helmet industry during the period. In addition, there has been a huge rise in the number of bikes on the road has contributed to a high crash rate that has impacted the worldwide sales of bike helmets in the global market premises.
The arrival of the COVID-19 pandemic followed by its obnoxious outbreak has affected the mushrooming economies and industries in various countries due to lockdowns that have been imposed. The global governments are also introducing travel issues and bans, and business shutdowns. The bike helmet industry trends are largely dependant on the demand from people who usually go for two-wheelers as their preferred mode of transportation.
In the wake of strong lockdown regulations that have been imposed by the majority of global governments of the countries across the globe, the market sector is likely to be experiencing a significant reduction in the number of laborers in the respective manufacturing facilities.
The growth of the global bike helmet market is being projected to increase owing to the rising trend of cycling as a means of exercise to minimize obesity and improve health. The emergence of the worldwide industry is attributed to the lack of tight government restrictions and strict rules on the use of safety gear while riding bikes. Growing sustainability issues are also being recognized for their contribution to an increase in the number of cyclists worldwide. Factors that are expected to contribute to a rise in sales of cycling helmets over the projected timeframe thus leading to the expansion of the bike helmet market share are increased disposable income, increased purchasing power, increased bicycle riding activities, and others like increased bicycle sales. In addition, the product enhancements and advancements with advanced safety features along with increased product appearance are further boosting the market's growth during the period.
However, there are some restrictions for the market that is on the way for the bike helmet market share during the ongoing forecast period that will be ending in 2028. The high cost of bike helmets is expected to impede the growth of the market during the ongoing forecast period. The lack of knowledge of cycling and the value of wearing helmets amongst the target audience is another market restriction on the market.
Bicycles are less costly and more environmentally friendly means of transportation compared to other competitive market vehicles. The latest testing and advancement of cycling helmets due to the funding and investments has found that helmets help prevent the perception of rotational force during a collision. Bicycle helmets today are lightweight with the new technologies and similar advantages, with advanced aerodynamics, and provide better ventilation. This will help in the expansion of the bike helmet market size.
The global bike helmet market has been segmented based on the following:
Bike Helmet Market Based on the Type
By type, the Bike Helmet market is categorized into road helmets, sports helmets, and MTB helmets. The segment of road helmets had accounted for the largest market share in the period that ended in 2019. Significant market regulations that require the use of helmets in everyday travel have boosted the expansion and development of the segment in most countries. In addition, the market regulations for manufacturers and producers of helmets to deliver lightweight and safer goods would accelerate the development of the market. However, the sports helmet segment is expected to have the highest CAGR reported during the forecast era that is projected to be ending in 2028. The rising market pattern of sports activities, especially in developed countries, is driving the growth of the global segment.
Bike Helmet Market By Application
Based on the application, the global Bike Helmet Market demand has been segmented based on the application and includes everyday travel and sports or adventure. The daily travel category had accounted for a greater market share in 2018. The increase is motivated by the rising number of injuries and regulation of the government mandates for the use of bike helmets for on-road bikers. In the coming years, as a part of the forecast period that ends in 2028, however, the rising popularity of adventure sports is expected to propel the development of the sports or adventure market. The sports/adventure section of the market is also predicted to display a higher CAGR over the forecast period.
Bike Helmet Market Regional Analysis
Four main regions, including the Asia Pacific, North America, Europe, and the rest of the world, have been given a geographical description of the global economy.
The European region is witnessing a huge rise in research and development because of ready funding and investment. During the prognosis period that will be ending in 2028, the European bike helmet market is projected to be the highest. During the historic forecast period that had ended in 2019, the region accounted for 36.35 percent of the entire market share. In this period, the market is likely to expand with a CAGR of 7.46 percent, Italy, as a part of the European market is expected to be the fastest-growing country-level market during the forecast period that ends in 2028. The cycling helmet market is anticipated to dominate the European region. To come up with new products like smart helmets, the production units and manufacturing firms are investing in the research and development departments. The new helmet invention consists of LEDs on helmets that aid at night and hence, are responsible for excellent market expansion during the period.
The bike helmet market deals to meet the rising needs of the target audience and helps in the protection of the brain during road accidents. The prominent market players are as follows:
The bike helmet market report has been prepared to study the current market trends and the efforts that have been poured in by the competitive market players to help the market grow. The global industry report also discusses the emergence of the market factors that help to meet the rising needs of the global target audience during the ongoing forecast period that will be ending in 2028.
Frequently Asked Questions (FAQ) :
The European region is likely to dominate the global market growth.
The global market is likely to attain a global CAGR of 5.35%.
The global market has been segmented based on region, application, and type.